Everywhere you look, you realize the importance of your employees in day-to-day business success. As a business owner, you can’t avoid some business expenses among which insurance seems to take up your most time, effort and money. So, when your employees get hurt on the job, which policy can you rely on to cover the medical cost associated with their injuries? Does General Liability cover you for this issue? Or Workers’ Compensation Policy covers, anyway?

While both coverages share some similarities, but each policy differs from the other. You need both for your great business. If you’ve trouble discerning between the two plans, this post will discover how both coverage’s work together to offer your business a comprehensive financial protection.

Legal Requirement:

Workers’ Compensation Policy: Is a legal obligation for employers to carry. Some businesses may be exempt from carrying WCP, but it is rare.

General Liability Insurance: Not typically required by the state but a small-business owner should have GLI even if they have no employees. This type of coverage makes good business sense despite your best efforts; you cannot predict when someone sues you for his or her accident on your business property.

Protection:

Workers Compensation Policy: It protects business owner and their employees.

General Liability Coverage: It protects third parties, such as customers, vendors, guests and other people in contact with your business property or your business operations.

Injuries:

Workers Compensation Policy: Covers the medical expenses, loss of income/ wages when an employee becomes ill and, if necessary, death benefits if he or she dies while performing the job.

General Liability Coverage: It covers you when a person other than an employee is injured on your business property, for example, customer, vendor or another third party. It also covers the loss when you or any of your staff damages the third party’s property.

Lawsuits:

Both Workers Compensation and General Liability cover you in a legal claim filed against you but in different ways.

Workers compensation covers lawsuits filed by employees or their family members due to body injury, illness or death. Whereas, General Liability takes care of claims filed by third-parties.

While both main policies purpose is to protect you and your business, the differences are very simple to understand. Accidents are common everywhere so when it comes to protecting your business, having both workers compensation and general liability helps in multiple ways.

If you have any questions related to these policy types or you’d like to get a free quote, contact us now. We cover a broad range of Commercial Insurance which includes Professional LiabilityContractors Liability Insurance, Commercial Property Insurance, Workers Compensation Insurance, Business Owers Property Insurance and General Liability Insurance.

If interested you need to take the first step, fill out our ‘Get A Free Quote’ form available online at InsureFloridians.com or click here to contact our professional licensed insurance agent.